Griffin Asset Management Inc. Acquires Shares of 2,970 Ingersoll Rand Inc. (NYSE:IR)

Griffin Asset Management Inc. bought a new stake in Ingersoll Rand Inc. (NYSE:IR) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,970 shares of the industrial products company’s stock, valued at approximately $282,000.

Other institutional investors also recently made changes to their positions in the company. Register Financial Advisors LLC acquired a new stake in Ingersoll Rand in the first quarter valued at $49,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Ingersoll Rand in the 1st quarter valued at about $323,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Ingersoll Rand by 4.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 14,630 shares of the industrial products company’s stock valued at $1,389,000 after purchasing an additional 564 shares in the last quarter. Riverview Trust Co bought a new position in shares of Ingersoll Rand during the first quarter worth about $29,000. Finally, Ballentine Partners LLC grew its stake in Ingersoll Rand by 2.2% in the first quarter. Ballentine Partners LLC now owns 11,719 shares of the industrial products company’s stock worth $1,113,000 after purchasing an additional 249 shares in the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.

Ingersoll Rand Stock Performance

IR opened at $90.84 on Friday. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $92.00 and its 200-day moving average is $87.60. The stock has a market cap of $36.65 billion, a PE ratio of 45.19, a price-to-earnings-growth ratio of 2.93 and a beta of 1.43. Ingersoll Rand Inc. has a twelve month low of $59.20 and a twelve month high of $96.67.

Ingersoll Rand (NYSE:IR) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.70 billion. On average, analysts predict that Ingersoll Rand Inc. will post 3.19 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s payout ratio is 3.98%.

Ingersoll Rand announced that its Board of Directors has authorized a share buyback program on Thursday, April 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on IR. Jefferies Financial Group began coverage on Ingersoll Rand in a report on Friday, June 21st. They set a “buy” rating and a $110.00 target price on the stock. StockNews.com downgraded shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Stifel Nicolaus reiterated a “buy” rating and set a $102.00 target price on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Barclays reduced their price target on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Finally, BNP Paribas started coverage on shares of Ingersoll Rand in a research report on Tuesday, March 12th. They set a “neutral” rating and a $92.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $97.00.

Insiders Place Their Bets

In other news, insider Vicente Reynal sold 198,486 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value of $17,488,601.46. Following the completion of the transaction, the insider now directly owns 100,367 shares in the company, valued at $8,843,336.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the completion of the transaction, the insider now owns 100,367 shares of the company’s stock, valued at $8,843,336.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $92.17, for a total value of $2,061,750.73. Following the transaction, the insider now directly owns 30,846 shares in the company, valued at $2,843,075.82. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.

About Ingersoll Rand

Ingersoll Rand Inc provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies. The Industrial Technologies and Services segment designs, manufactures, markets, and services air and gas compression, vacuum, and blower products; fluid transfer equipment and loading systems; and power tools and lifting equipment, including associated aftermarket parts, consumables, air treatment equipment, controls, other accessories, and services under the under the Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle brands, etc.